Disclaimer

Access to the quarterly update call is limited to investors and certain other persons.

By clicking the button “proceed”, I hereby certify, agree and acknowledge that:

I am a shareholder in or beneficial holder of a Pershing Square Entity (as defined below) or I am outside the United States and am not a U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended.)

I am able to attend the meeting without any violation of any laws or regulations in the jurisdiction where I am located.

If I am located in the UK and am not a shareholder or beneficial holder in a Pershing Square Entity, I am an investment professional or high net worth entity or other person to whom the meeting can be lawfully made available under section 21 of the UK Financial Services and Markets Act 2000.

Any information provided at the meeting is for information purposes only and is not intended to constitute an offer or solicitation of an offer to purchase or sell, or any invitation or inducement to acquire, any securities or investment product in any jurisdiction.

No information or opinions conveyed during the meeting will constitute investment advice or create any warranty.

All analyses and conclusions discussed at the meeting are based on publicly available information and analyses developed by Pershing Square Capital Management, L.P. Information presented at the meeting relates to recent or current portfolio positions of the Pershing Square Entities. The Pershing Square Entities may currently or in the future, in whole or in part, buy, sell, cover or otherwise change the form of their investment in the companies discussed at the meeting for any reason. Pershing Square Capital Management, L.P. hereby disclaims any duty to provide any updates or changes to the information discussed at the meeting including, without limitation, the manner or type of any investment.

Pershing Square Capital Management, L.P. receives fees for acting as manager of the Pershing Square Entities and, accordingly, the views and opinions expressed by members of Pershing Square Capital Management, L.P. should not be considered as independent.

The information provided at the meeting is subject to change without notice.

The meeting may include forward-looking statements. These forward-looking statements can be identified by reference to words such as “believe”, “expect”, “potential”, “continue”, “may”, “will”, “should”, “seek”, “approximately”, “predict”, “intend”, “plan”, “estimate”, “anticipate” or other comparable words. Important factors could cause actual outcomes or results to differ materially from such statements. Neither Pershing Square Capital Management, L.P. nor any Pershing Square Entity or any of their respective affiliates undertake any obligation to update or review any forward-looking statements, except as required by applicable law or regulation.

Past performance cannot be relied on as a guide to future performance. All investments involve risk including the loss of principal. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities listed herein.